MANILA — Lucio Tan III, the grandson and namesake of one of the country's richest tycoons, has been appointed as the President of PAL Holdings Inc on Thursday.

He will be taking over the post from his grandfather Lucio Tan who retains his role as Chairman and CEO, the company said.

“As the newly designated President of PAL Holdings, I am committed to providing stability and upholding the highest level of integrity within the company," Tan III said.

He is the son of Lucio Tan Jr. who died in 2019.

"I look forward to working closely with the PAL team, under the leadership of its President and COO, Capt. Stanley Ng, to ensure a collaborative and cohesive approach in serving the best interests of our customers," he added.

Tan III was also earlier named as President of LT Group, replacing his Uncle, Michael Tan.

On Thursday, PAL Holdings also reported a total consolidated operating income of P17 billion in 2022, compared to an operating loss of P4 billion in 2021.

Consolidated revenues grew 137 percent to P139 billion in 2022 from P59 billion in 2021, PAL Holdings said.

PAL Holdings attributed the development to the restructuring plan of Philippine Airlines as well as the increased travel demand.

PAL Holdings is the parent company of Philippine Airlines.

• LT Group names 3rd gen tycoon Lucio Tan III President
• Lucio Tan III eases into grandfather's business empire

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